Resale flat prices up 0.9% q-o-q in 2Q2025, marking third straight quarter of slower growth: HDB flash estimate
Wong Siew Ying, head of research and content at PropNex Real estate, mirrors the sentiment. “With HDB resale rates perhaps increasing at the slowest clip in five years in 2Q2025 and 3 back-to-back quarters of softer rate rises lately, we believe it is timely for the government to seriously consider getting rid of the 15-month wait-out duration this year, that will assist former private property owner to right-size to an HDB resale flat,” she says.
Resale prices have now grown 2.5% since the start of the year, less than the 4.2% rise registered in the first half of 2024, observes Mohan Sandrasegeran, head of research and information analytics at Singapore Realtors Inc (SRI). “With the continuous easing of HDB resale costs, there is growing anticipation that the authorities might examine or lift the current 15-month wait-out period for private property owners,” he notes.
Looking ahead, resale flat rates are going to continue expanding modestly for the rest of the year, backed by secure economic fundamentals and decreasing interest rates, predicts Realion’s Sun. At the same time, a rise in overall flat supply will supply more alternatives for purchasers, tempering any type of significant rate increases, she states.
The weaker resale price growth last quarter was reflected across most flat kinds, claims Christine Sun, chief scientist and planner at Realion Group. Citing HDB resale caveat data, Sun emphasize that average prices for 4- and five-room apartments increased by 1.3% and 1.2% q-o-q in 2Q2025, moderating from the 2% and 2.1% growth visited the initial quarter. Additionally, 2- and three-room flat prices rose 1.4% and 2.1% q-o-q, easing from 1.5% and 2.2% in the previous quarters.
In May, Minister for National Development Chee Hong Tat specified that the federal government might remove the 15-month wait-out period for private property proprietors buying a non-subsidised HDB resale level if resale prices in the HDB market continue to control. The wait-out time frame was presented by the state back in September 2022 as part of a series of property cooling actions.
Reselling flat quantity completed 6,981 purchases last quarter, based on HDB information approximately June 29. This is 5% less than the 7,352 deals record over the same period last year. The smaller volume is most likely because of minimal resale flat source, says Lee Sze Teck, senior director of information analytics at Huttons Asia.
Huttons quotes full-year HDB resale flat volume to appear between 26,000 and 28,000, whilst resale flat rates could expand between 4% and 6%.
Huttons’ Lee notes that over 8,000 flats are going to be launched for sale under the July BTO and SBF exercises. This, along with an increase in the allocation quota for second-timer families purchasing three-room or bigger BTO units, might draw a lot more buyers to the BTO launch, alleviating source pressure in the resale market. In addition, private property owners wanting to downgrade may hold back from purchasing a resale flat while the government assesses the 15-month wait-out period, he opines.
Huttons’ Lee highlights that million-dollar level deals continued to grow in 2Q2025, with 408 such purchases taped. This is 17.2% greater than the previous quarter, and stands for about 6% of overall resale volume. “The typical rate of such flats was $1.14 million in 2Q2025, inching up by 0.7% from the last quarter’s $1.13 million,” he continues.
Nonetheless, resale volume grew 5.9% q-o-q in 2025. This is in line with seasonal patterns, with even more activity typically viewed in the second and 3rd quarters, Lee notes. Additionally, the absence of Build-To-Order (BTO) and Sale of Balance Flat (SBF) exercises may have further added to the 2Q2025 quantity.
HDB resale flat rates charted their 21st continuous quarter of expansion in 2Q2025, climbing 0.9% q-o-q, flash estimates present. However, the rate buildup is weaker compared to the 1.6% and 2.6% development recorded in the former two quarters. It is also the lowest q-o-q rise ever since 2Q2020, shares HDB in a July 1 launch.
On the other hand, the average cost of exec flats climbed up 3.8% q-o-q in 2Q2025, boosting from a 1.5% gain the quarter before. The faster pace was underpinned by a pick-up in executive flat deals following two successive quarters of decline, claims Sun. “Moreover, around a 3rd or 116 units of the 414 executive apartments were transacted at high rates of a minimum of a million dollars in 2Q2025,” she adds.
